September 4, 2019 / 8:34 AM / 2 months ago

Vivendi condemns Mediaset's decision to prevent trust from voting at meeting

PARIS (Reuters) - France’s Vivendi (VIV.PA) condemned on Wednesday Mediaset’s refusal (MS.MI) to allow its trust to vote at a shareholder meeting to be held by the Italian broadcaster.

Two-thirds of Vivendi’s 29% stake in Mediaset is held by an arms-length trust which has in the past been barred from voting by an Italian court.

That leaves Vivendi with 9.99% direct voting rights.

“Mediaset is disregarding the most basic shareholder rights and principles of corporate governance with the sole objective of favoring Fininvest (Mediaset’s controlling shareholder), without even recognizing a premium to minorities,” Vivendi said in a statement.

The French media giant said it would challenge in court Mediaset’s plan to reorganize its businesses.

Reporting by Mathieu Rosemain; editing by Jason Neely

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